TORONTO, May 12, 2023
/PRNewswire/ - Equitable Bank (Canada's Challenger Bank™) today released two
comprehensive reports on the strategies and actions it is taking to
reduce its carbon footprint, invest in Canadian society, advance
its place as one of Canada's best
places to work and leverage its industry-leading digital
capabilities to give underbanked communities better service.
"We recognize that it will take a serious-minded and
collaborative effort to fulfill our purpose of changing banking to
enrich people's lives and our ESG Performance Report and Public
Accountability Statement capture both the spirit and the details of
our journey in a transparent, no-nonsense way," said Andrew Moor, President and Chief Executive
Officer. "We encourage all of our stakeholders to review these
reports and assess our level of commitment as befits our place as
Canada's 7th largest
bank."
For the Environment, Equitable Bank noted that it is aligned
with Canada's transition to a
net-zero economy and:
- Initiated its first qualitative climate scenario analysis to
identify the Bank's top physical and transition risks
- Confirmed that its loan portfolio has, on average, low to
medium exposure to physical climate hazards under three climate
scenarios and time horizons, outlined financing initiatives for
green and net-zero assets, and noted it has developed a Sustainable
Bond Framework to enable future issuances of green, social and
sustainability bonds
- Reported its absolute Scope 1 and 2 emissions (and intensity)
and maintained carbon neutrality in both scopes (as it has since
2020)
- Remained the only Schedule I Canadian bank to report all
applicable categories of Scope 3 emissions from the entire
portfolio (excluding Concentra) for the second year
- Sought Independent Third-Party Limited Assurance on Scope 1 and
2 greenhouse gas emissions
For its Social pillar, Equitable Bank:
- Served 308,286 Canadians with its award-winning EQ Bank digital
platform, which offers everyday banking functionality without fees,
plus a competitive savings rate
- Introduced the free EQ Bank Card that facilitates zero-fee
foreign transactions and fee-free ATM withdrawals in Canada
- Funded 138 multi-unit residential properties across
Canada with total loans of
$2.1 billion through CMHC's MLI
Select and predecessor affordable housing programs
- Addressed the financial needs of Canadian seniors and those
planning to retire through its now $1
billion reverse mortgage/insurance policy lending
business
- Advanced its inclusion, diversity, equity, accessibility, and
anti-racism work in support of workforce engagement
- Embraced Concentra Bank's Empowering Your Community partnership
with credit unions
For Governance, Equitable Bank:
- Added a shareholder advisory vote on its approach to executive
compensation as part of its 2023 annual meeting of
shareholders
- Appointed three new Directors with governance, risk management,
technology, senior executive leadership, and retail banking
experience as part of planned succession
- Maintained strong Board diversity (42% of the independent
directors self-identify as women, 17% self-identify as visible
minorities/racialized peoples)
The Bank's new Public Accountability Statement highlights
activities undertaken to push the boundaries of what smart banking
looks like for Canadians, as well as what Canada's Challenger BankTM is doing
to invest in people and communities.
"When I reflect on 2022, I feel great pride in how we delivered
on our purpose of driving change in Canadian banking to enrich
people's lives," added Mr. Moor. "It's that purpose that inspires
us to innovate and behave in ways that add value to our employees,
our customers so that banking is easier, less costly and more
enjoyable for them, and our communities so that they become even
better places to live and work."
The 2022 ESG Performance Report and Public Accountability
Statement can be accessed on the ESG webpage of our Investor
Relations website.
About Equitable Bank
Equitable Bank—Canada's Challenger Bank™—is a wholly owned
subsidiary of EQB Inc., which trades on the Toronto Stock Exchange
(TSX: EQB) (TSX: EQB.PR.C) and serves more than 515,000 customers.
Equitable Bank's wholly owned subsidiary Concentra Bank supports
Canadian credit unions and their more than 6 million members. With
nearly $105 billion in combined assets under management
and administration, Equitable Bank has a clear mandate to drive
change in Canadian banking to enrich people's lives. Founded more
than 50 years ago, Canada's Challenger Bank™ provides
diversified personal and commercial banking, and through its
digital EQ Bank platform (eqbank.ca) has been named the best bank
in Canada on the Forbes World's Best Banks 2021, 2022 and
2023 lists.
Please visit eqbank.investorroom.com for more
details.
Investor
contact:
Richard Gill
Vice President, Corporate Development &
Investor Relations
investor_enquiry@eqbank.ca
|
Media
contact:
Deborah Chatterton
Director, Communications
deborah.chatterton@concentra.ca
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/equitable-bank-releases-esg-performance-report-and-public-accountability-statement-301823784.html
SOURCE Equitable Bank